Who We Are

We are an equity investment manager and operating partner, specialising in the European retail real estate sector. We act as an investment advisor and strategic asset manager to our clients.


Our team offers an extensive track record and vast experience in some of the biggest firms in the industry, where we invested and asset managed across geographies, risk spectrums and property sectors.

Through the past two decades, the team has been exposed to the growth and professionalisation of the real estate investment management industry and, more importantly in the evolution of the retail sector, playing an active role in the development of both. It is through this experience in the sector and servicing a broad spectrum of clients – from separate account to fund investors – that we believe can make a difference in the years to come: combining the best specialist industry knowledge and asset and investment management expertise, with cutting edge technology and an outstanding quality of customer service through full dedication and alignment.

This value proposition attracted Generali to sponsor the business as part of its multi boutique strategy as well as to provide seed capital to a first investment fund dedicated to investing in European shopping centres. The two business partners to Generali Investment Holdings are Florencio Beccar and Toby Smith who provide unique specialist knowledge and network and are supported by their team of real estate professionals in Madrid and London.

Florencio Beccar

Florencio Beccar has over 20 years of real estate investment management experience. Through his tenure with ING Real Estate Investment Management he has been a pioneer in developing new markets for the firm as well as setting up investment funds across different countries and strategies. More recently Florencio has developed several shopping centre fund investment products focusing on relevance and income sustainability. The common denominator throughout all these years has been a strong focus on data as the main driver behind underwriting with constant feedback by on the ground knowledge and experience. This has allowed for unique industry insight and being able to find value beyond the general trends in the market.

Toby Smith

Toby Smith has over 15 years of real estate investment management experience in the UK, the Netherlands and more recently, Spain. Toby started with ING Real Estate Investment Management and through the sale to CBRE, more recently at CBRE Global Investors. Toby has extensive experience in all facets of investment management – from the day to day asset management, through sourcing and executing investments to equity raising and Fund management. Toby leverages off a strong international network of partners and fellow professionals beyond the European real estate sector to deliver value and local expertise to his clients within it.

How Are We Different?

First and foremost, what we offer to all our clients is having the best industry knowledge in-house, supported by the most advanced self-developed technology with the promise to always deliver best in class service. We are convinced that if we can maintain this proposition, we would have delivered on our promise to investors. Elaborating further on these main pillars:

  • We constantly take a look at our teams and processes to ensure that not only we have the best industry expertise, but we create an environment that fosters creativity and entrepreneurship with a constant drive for excellence and sense of responsibility.
  • We continuously invest in our technology to create and improve the systems and databases that allow us to make a difference when we underwrite and manage our assets. Data is fundamental in any business decision we take, and we pair the output of data analysis with our on the ground experience and insights for the best possible outcome every time.
  • Providing the highest possible service levels to all our clients is central to everything we do. Accuracy, response rate, quality of presentation and constant dedication are some of the main drivers when we interface with clients. We take inspiration from 5-star hotels and we apply that to our business. This is our client management philosophy.  

The above is our fundamental value proposition. What we believe sets us apart however is that the team is fully dedicated to each of our clients. It is all we do, with no conflicts and with no distractions. We are an independent, specialist boutique with a clear plan and focus. We are fully aligned to our clients. Not only can we offer our unique network, expertise and market insights for the benefit of our clients, but we are able to dedicate more time to everything we do from strategy setting, to investing and asset managing. It is from this increased focus that clients can expect from us not only excellent results but more consistency in obtaining them.

Our Perfect

Shopping Centre

Shopping centres need to be more than just buildings that house a complex of shops with interconnected walkways. In our view shopping centres need to be relevant to local catchments and offer a broad value proposition for consumers that cannot be obtained online. 

Demographic shifts, such as urbanisation and an ageing population, provide a greater need for public spaces that are safe, comfortable and in which local communities can socialise and congregate. The best centres are the heart and soul of these communities; representing both what people need but also what they want. We challenge ourselves to expand the horizons of what traditional shopping centers have provided to instead cater for today’s society. 

At Axis Retail Partners we believe this differentiation of consumer offering and clear definition of the value proposition is key to success. We separate the need (convenience retail) from the want (experiential retail) within our strategy but see both as undeniable winners in the omnichannel landscape of today. 

The needs of consumers are fickle and subject to constant transformation. Our asset management is centered around data and the use of technology to understand consumer needs and retailer economics. This combination of the understanding of the inner economics of retail with the 5-star hospitality ethos is ingrained in the mentality of the team to deliver relevant, vibrant, physical shoppable entertainment.  

Generali Investments Ownership

Axis Retail Partners was founded in December 2018 through the creation of a partnership between Generali Investments and two entrepreneurs; Florencio Beccar and Toby Smith. This unique value proposition to the sector combines the financial strength and track record of one of the largest global insurance companies with the specialist knowledge of a dedicated team of retail experts. The shared vision of the partnership is to disrupt the current retail space and provide a new, dedicated and modern solution to non-listed retail investment in Europe.

About Generali Investments

Established in 1831, Generali Group is one of the largest global insurance and asset management providers, operating in 50 countries worldwide.

With €582.5bn in AUM and more than 1200 specialists, Asset management is mainly performed through Generali Investments: an ecosystem of asset management firms, delivering a portfolio of specialist capabilities, operating in 15 countries worldwide.

With the stability of Generali backing, the platform enables investors to access distinctive strategies and experts’ insights.

Generali supports each firm to innovate and grow with full investment autonomy ensuring they’re set up to develop sustainable and innovative solutions.

We aim to help investors unlock opportunities to generate longterm performance.

Source: Generali Group as at end of September 2021

Truly amazing retail walks a fine line between delivering consistency and dependability while also injecting the randomness of organic discovery and the fear of missing out.

Doug StevensAuthor of Re-Engineering Retail